Claims | HCL Technologies

Claims

HCL NOVUS NextGen Claims

HCL NOVUS is a suite of offerings that provides point solutions as well as end-to-end business transformation to enable optimization of current models while enabling new models. NextGen claims offerings address initiatives around data, architecture, experience, and intelligent automation that deliver significantly differentiated and superior value for a carrier, distributor and customer, typified by:

  • Reduced turnaround time
  • Reduced cost of operations
  • Enhanced experience
  • Increased revenue opportunities

Business Situation

Claims: Opportunities to seize

$762.1B

Benefits and claims by life, annuity, benefits, and payouts by US carriers - 2019

11%

Defense, cost containment, and adjustment expenses as percentage of net premiums US P&C carriers - 2019

18%

of global claims having an element of fraud – Insurance Fraud Report 2020

$442.1B

P&C losses and adjustment expenses – ISO, Verisk Analytics business 2019
 
Source: 2021 Insurance Fact Book – NAIC, S&P Global Market Intelligence

HCL Solution

Collaterals

Blogs

Whitepapers

 

Success stories

US based Fortune 500 Financial Services Firm
Automated Claims Processing

For a Large US commercial insurance company

x
Business Objective
  • Regulation complying communication generation and transfer
  • Improved claims handling
  • Adjuster time and expenses being utilized per claim were more than dollar value of claims
HCL Solution
  • Leveraged HCL’s iAuto framework to improve Straight Through Processing, automatic assignment and document generation.
  • The framework was implemented for Ocean Marine Automated Payment, Workers’ Compensation Claim and Property & Inland Marine ‘Proof of Loss’
Key Benefits Delivered
  • Reduced human intervention - 3000+ claims auto assigned
  • 1000+ documents auto generated via rule-based automation
  • Increased STP - Claims with a threshold of $150 auto settled
Leading Life Insurer of APAC
SI Partner for Core Transformation

For a leading mutual insurance company in the US

x
Business Objective

Customer faced following challenges -

  • Difficulty in handling the bulk load of catastrophe claims
  • Business user unable to spend / manage time in testing end-to-end scenarios
  • Lack of self-service features for customers in FNOL
HCL Solution
  • Implementation of FNOL portal from Guidewire
  • Automation feature built to handle bulk volume of claims created during catastrophe, auto assigned to the specific adjuster group based on loss cause
  • Development of digital iOS Adjuster apps for on-field usage
  • Implementation of HCL Peak tool for Business user scenario testing
Key Benefits Delivered
  • Increased operational efficiency by 15%
  • Regression testing effort reduced by 40% by using HCL Peak tool
A US Based Multiline Insurance Carrier
Claims modernization system

For a Fortune 500 US Financial services conglomerate

x
Business Objective

To ensure optimization of claims, insurer encouraged policy holders to install IOT devices at home to detect and prevent possible losses from catastrophic and non-catastrophic causes and required claims automation.

HCL Solution
  • Self – service capabilities
  • RPA solutions
  • Surround system integration
  • Claim specific digital solutions
  • Common data integration
Key Benefits Delivered
  • Operational efficiency increased by 5% - Self service capabilities
  • Better use of Adjuster time and effort by 7 to 10% - self service capabilities and RPA Solutions